Vanguard Group Inc. Has $690.86 Million Stake in Prosperity Bancshares, Inc. (NYSE:PB)

Vanguard Group Inc. trimmed its position in Prosperity Bancshares, Inc. (NYSE:PB) by 1.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,679,961 shares of the bank’s stock after selling 100,045 shares during the quarter. Vanguard Group Inc. owned 10.16% of Prosperity Bancshares worth $690,859,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the company. Quarry LP bought a new stake in Prosperity Bancshares in the fourth quarter valued at $88,000. Fifth Third Bancorp grew its position in Prosperity Bancshares by 44.9% in the first quarter. Fifth Third Bancorp now owns 1,277 shares of the bank’s stock valued at $91,000 after acquiring an additional 396 shares during the period. Chilton Capital Management LLC bought a new stake in Prosperity Bancshares in the first quarter valued at $105,000. New England Research & Management Inc. bought a new stake in Prosperity Bancshares in the first quarter valued at $212,000. Finally, PNC Financial Services Group Inc. grew its position in Prosperity Bancshares by 9.2% in the first quarter. PNC Financial Services Group Inc. now owns 2,968 shares of the bank’s stock valued at $212,000 after acquiring an additional 249 shares during the period. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Prosperity Bancshares news, Director Ned S. Holmes sold 600 shares of the stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $70.89, for a total value of $42,534.00. Following the transaction, the director owned 45,700 shares of the company’s stock, valued at approximately $3,239,673. This represents a 1.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders sold a total of 13,200 shares of company stock valued at $927,623 over the last quarter. Corporate insiders own 4.20% of the company’s stock.

Prosperity Bancshares Stock Up 2.4%

Prosperity Bancshares stock opened at $67.26 on Wednesday. The business’s 50-day simple moving average is $69.83 and its 200 day simple moving average is $71.18. The stock has a market cap of $6.39 billion, a price-to-earnings ratio of 12.23, a P/E/G ratio of 0.98 and a beta of 0.71. Prosperity Bancshares, Inc. has a 12-month low of $61.57 and a 12-month high of $86.75.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, July 23rd. The bank reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.02. The business had revenue of $310.70 million for the quarter, compared to analysts’ expectations of $315.66 million. Prosperity Bancshares had a return on equity of 6.99% and a net margin of 29.37%. During the same quarter last year, the business earned $1.22 earnings per share. As a group, sell-side analysts expect that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be paid a $0.58 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $2.32 annualized dividend and a yield of 3.4%. Prosperity Bancshares’s dividend payout ratio is presently 42.18%.

Analyst Ratings Changes

PB has been the topic of a number of analyst reports. Wall Street Zen upgraded Prosperity Bancshares from a “sell” rating to a “hold” rating in a research report on Tuesday, May 13th. Jefferies Financial Group initiated coverage on Prosperity Bancshares in a research report on Wednesday, May 21st. They issued a “buy” rating and a $85.00 price target on the stock. Royal Bank Of Canada lowered their price target on Prosperity Bancshares from $85.00 to $78.00 and set a “sector perform” rating on the stock in a research report on Thursday, April 24th. Piper Sandler lowered their price target on Prosperity Bancshares from $86.00 to $84.00 and set an “overweight” rating on the stock in a research report on Thursday, July 24th. Finally, Keefe, Bruyette & Woods lowered their price target on Prosperity Bancshares from $95.00 to $90.00 and set an “outperform” rating on the stock in a research report on Monday, May 5th. Seven research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $84.57.

About Prosperity Bancshares

Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides financial products and services to businesses and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts, as well as and certificates of deposit. The company also offers 1-4 family residential mortgage, commercial real estate and multifamily residential, commercial and industrial, agricultural, and non-real estate agricultural loans, as well as construction, land development, and other land loans; consumer loans, including automobile, recreational vehicle, boat, home improvement, personal, and deposit account collateralized loans; term loans and lines of credit; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.